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Montevideo, September 23rd 2018 - 02:49 UTC

Bank of America moves European operations to “natural location” Dublin

Sunday, July 23rd 2017 - 12:23 UTC
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In a statement, Moynihan called Dublin the “natural location” for consolidating the bank’s legal entities, noting Bank of America already has an Irish-domiciled bank. In a statement, Moynihan called Dublin the “natural location” for consolidating the bank’s legal entities, noting Bank of America already has an Irish-domiciled bank.

The Bank of America announced Friday that Dublin will be the new base for its European Union operations following Britain’s decision last year to split from the EU. Brian Moynihan, CEO of the Charlotte-based bank, made the announcement during a trip to the Irish capital city. It becomes the latest large U.S. bank in recent weeks to disclose plans for continuing to serve clients in EU countries following the so-called Brexit vote in 2016.

 In a statement, Moynihan called Dublin the “natural location” for consolidating the bank’s legal entities, noting Bank of America already has an Irish-domiciled bank.

The chief executive also noted Dublin is home to more Bank of America employees than any other European city outside of the U.K., and that the bank has operated in Ireland for almost 50 years.

Big banks have been disclosing more details about where they will base hubs in order to continue accessing EU markets after the March 2019 Brexit deadline.

On Thursday, Citigroup employees were told the New York-based bank may hire 150 new staff in the EU as it bolsters Frankfurt as its newest trading, Bloomberg reported. JPMorgan Chase’s investment banking head in May said the New York-based bank planned to move hundreds of London-based bankers to expanded offices in Dublin, Frankfurt and Luxembourg. Other banks have also discussed Brexit plans.

Moynihan, who met Friday with Irish Prime Minister Leo Varadkar, said the bank will move roles not only to Dublin but also to other locations in the EU. Moynihan told the Financial Times it was too early to give specifics but the bank would definitely have more people in Dublin than the 700 it currently has, the news outlet reported. That will be achieved through a combination of new hires and moving staff from the bank’s London office, the FT reported.

Bank of America’s selection of Dublin was not a complete surprise. In March, Bloomberg anticipated one of the bank’s top executives said the company viewed Dublin as its default destination for a new hub inside the EU.

Categories: Economy, Politics, International.

Top Comments

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  • Voice

    Rats leaving the sinking ship Britannia as it slips beneath the waves...

    Jul 23rd, 2017 - 12:40 pm 0
  • The Voice

    The clue is in his name... Home is where the heart is! A decision he may come to regret.

    Jul 24th, 2017 - 08:46 am 0
  • Lautaro

    'City employers’ confidence is high as hiring rates rocket and more roles are available than this time last year. The Robert Walters City Job Index finds the number of Square Mile jobs rose 17% in June compared to the same month in 2016.'
    http://www.cityam.com/268762/confidence ... ifth-after

    The Guardian reports that the UK is 'Fast becoming the sick man of Europe'
    http://www.cityam.com/268762/confidence ... rexit-data
    Their original source is a gloomy report from the IMF. What the Guardian don't say is that economic growth of 1.7%, as forecast, is higher than France (1.5%) and Italy (1.3%). 'Germany is forecast to grow 1.8%, just 0.1% more than Britain – which is forecast to be in the middle of the G7 performance table. The supposedly burgeoning Euro area has a 1.9% growth forecast, described as “solid” by the IMF. That is only 0.2% higher than the apparently disastrous UK. And the Eurozone is growing at its slowest pace in six months.'
    http://www.cityam.com/268762/confidence ... ne-rivals/

    Jul 24th, 2017 - 11:54 am 0
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